SBI gets shareholders’ nod to raise Rs 20,000 crore

Mumbai, Dec 8: Lending major State Bank of India (SBI) on Friday said it has received shareholders’ approval to raise up to Rs 20,000 crore.

According to the SBI, the approval for its proposal to “create, offer, issue and allot such number of equity shares of Re 1 for an amount not exceeding Rs 20,000 crore …” was given at a general meeting of shareholders held here.

The proposal is subject to the condition that the Government of lndia shareholding in equity share capital of the bank does not fall below 52 per cent at any point of time.

As per a BSE regulatory filing by the bank, the amount can be raised by the way of public issue or private placement, including Qualified Institutions Placement (OIP), Global Depository Receipt (GDRs), American Depository Receipt (ADRs) “and or any other mode(s) or a combination(s) thereof, as may be decided by the Board”.